Because of the way things have turned out, events that occurred ten years ago remain freshly relevant today in a way that couldnt be said of past periods. The Crash of 1987, for example, was but a footnote in trivia by 1997. The oil embargo and nasty global recession of 1974-75 had by 1984 and 1985 become just a memory, though painful completely unrelated to the world of the mid-1980s. In early 2007, by contrast, Ben Bernanke said subprime was contained and his fellow policymakers made other such statements that still haunt us today.
Before getting to those, we have to more…

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